The IRS announced 2024 dollar limits on benefits and contributions for qualified retirement plans.
Listed below are the most common limits.
Defined Contribution Plans
- The contribution limit for elective deferrals is increased from $22,500 to $23,000
- The total contribution limit for employer and employee contributions has increased from $66,000 to $69,000.
- The annual compensation limit increases to $345,000 from $330,000
- The age 50 catch-up is unchanged and remains at $7,500
- The limit for defining ‘highly compensated employee’ for top heavy determination has increased to $155,000 from $150,000.
Defined Benefit Plans
- The limitation on the annual benefit has increased to $275,000 from $265,000.
For additional information, download our 2024 Maximum Benefits and Contribution Limits reference material.
